Bitcoin’s price has recently retested the $67,000 level. Bitcoin’s price dropped by approximately 8.9% within seven days. It went from $73,464 in October to $66,895 November 4 as a number of short-term traders sold their Bitcoins. Several long-term traders also sold their Bitcoins. also offloaded their BitcoinsIt is likely that you will lock in your gains.
Technical analysis is a method of evaluating a product. the ongoing correction It is absolutely normal and fine for Bitcoin. Technical analysis indicates that Bitcoin’s price of $100,000 is within reach. This outlook draws parallels to the gold price history.
Gold chart reveals Bitcoin price prediction by analyst
Bitcoin, as a way to hedge against inflation, has been called the “digital gold” for many years. Their price movements over time reveal more similarities between them than most investors are aware.
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Crypto analyst Tony ‘The Bull’ Severino took to the social media platform X to share an intriguing trend He observed the Bitcoin price graph to give an optimistic view of the long-term trajectory of the cryptocurrency. Severino emphasized that Bitcoin’s prices appear to have a similar trajectory to the historical patterns of gold. Gold experienced price tops, bottoms, breakouts and retests.
Tony Severino shared price charts that showed striking similarities between the Bitcoin price on the two-week candlestick chart and Gold’s on the two-month candlestick chart. Bitcoin’s recent price movement has been a mirror image of Gold on multiple occasions. The analyst then compared the price break-out/retest of Bitcoin to a similar price breakdown/retest for Gold in 2023.
In March 2023 gold underwent a pattern of breakout and retest, setting the stage for an extended rally lasting several months until this writing. Severino is of the opinion that Bitcoin can follow a trajectory similar to a long-term rally.
What is Next for the BTC price?
Tony Severino says that the Bitcoin correction will end very soon, and the price is expected to rise for the remainder of this year. He noted that Bitcoin would reach an all-time record high in 2024, and $100,000 by 2025’s first quarter.
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While the analyst’s prediction is based on Bitcoin’s correlation with Gold the price target is similar to other price predictions made by technical analysts. CryptoQuant’s CoinLupin, for example, is a CryptoQuant expert. highlighted a similar price timeline According to the Bitcoin MVRV ratio (Market Value to Realizable Value), he predicted a price range of $95,000 to $120,000. This ratio was used to predict a range between $95,000 and $120,000 for the target price.
Bitcoin’s price is $68,714 as of the writing and has fallen by 3% within the last 24-hours.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
